Lou Whiteman

To me, that would be more scary than positive.

Yeah, so here's a bold prediction.

I can't imagine Disney without the studio.

So I'm not going to go as far as a total spinoff.

production because there's so much tie-in.

I mean, maybe they just do it with alliances, but some form of a media spin-out.

I think definitely ESPN, maybe Hulu and ABC.

We've talked a lot about what's going on with Warner Brothers Discovery and about the limited number of chess pieces.

I think there's more chess pieces than we know.

I think that Disney of the future is going to be somehow more streamlined.

We talked about the stock.

Stock has done nothing for years with all of these great assets.

And it really feels like

whether we're talking about GE, whether we're talking about so many of these companies, that it's time to wonder, is the sum of the parts trailing the valuation of the whole?

Maybe they do go with everything and just form some sort of perpetual marketing agreement so they can use the IP of the studios and the parks.

But I really think that there's going to be some sort of a spin-out of media or some sort of a separation of Disney

I'm going to say we're going to hear something about this in the next couple of years, but definitely in the next five years.

Yeah.

It's a weird time, because Rachel's right.

Some of this does seem to be just maybe stress on the consumer.